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Preparing for Millennial Employee Churn

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Preparing for Millennial Employee Churn

Millennials (a.k.a. Generation Y, or those born between 1982-2004 ) now comprise the largest generation in the workforce. In fact more than a third of all American workers today are Millennials.

You’ve probably already hired Millennials and will be hiring more. But don’t expect them to stay long. Millennials are twice as likely as 30-somethings to leave a job after just three years, and this gap will only widen with age.

See the infographic on what to expect – and be prepared for – with your growing Millennial workforce.

Millennials (a.k.a. Generation Y, or those born between 1982-2004 ) now comprise the largest generation in the workforce. In fact more than a third of all American workers today are Millennials.

You’ve probably already hired Millennials and will be hiring more. But don’t expect them to stay long. Millennials are twice as likely as 30-somethings to leave a job after just three years, and this gap will only widen with age.

See the infographic on what to expect – and be prepared for – with your growing Millennial workforce.

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Preparing for Millennial Employee Churn

  1. 1. HireRight prepared these materials for informational purposes only. These materials are not intended to be comprehensive and are not a substitute for, and should not be construed as, legal advice. HireRight does not warrant any statements in these materials. Employers should direct to their own experienced legal counsel questions involving their organization’s compliance with or interpretation or application of laws or regulations and any additional legal requirements that may apply. Copyright © 2005-2015 HireRight, LLC. All Rights Reserved • Compensate fairly competitively • Ensure a good work/life balance • Provide opportunities to continually learn and contribute to meaningful projects • Offer flextime telecommuting • Provide real-time feedback on performance • Conduct “stay interviews” • Empower the best and brightest • Create a talent pool of qualified candidates Millennials are twice as likely as 30-somethings to leave a job after just three years — and this gap only widens with age. Every 1-3 years Every 1-5 years 18-29 Software/ Technology Services Retail Healthcare Finance/ Accounting/ Insurance 30-39 40-54 55+ How frequently do you change jobs?1 36% 50% 37% 37% 16% 41% 9% 5% 36% 32% of millennials surveyed say that job hopping would not prevent them from pursuing their professional or personal passions.3 When asked for the main reason they would leave their company, millennials responded saying they would: leave to pursue a completely different career path 3 RecruitFi’s Millennial Outlook Survey of 1000 U.S. full-time millennial employees 2 Jobvite’s “2015 Job Seeker Nation: Inside the Mind of the Modern Job Seeker” 1 Jobvite’s “2015 Job Seeker Nation: Inside the Mind of the Modern Job Seeker” take a job with a competitor and/or relocate to try living in a different city 86%86% During the course of their professional careers, of millennials surveyed have held three or more jobs. Younger job seekers in particular consider their positions temporary growth opportunities. How would you describe your position at your current job?2 Stepping Stone Entry Level Education Tips to keep millennials onboard... but be prepared for churn: 53%53% 50% of employed job seekers see their current position as a placeholder. 37% 25% 22% No company is exempt from restless employees eager for a better opportunity. PREPARING MILLENNIAL EMPLOYEE CHURN PREPARING for MILLENNIAL EMPLOYEE CHURN Retaining the largest generation in the workforce... and being prepared for when they move on. 18-29 18-29 40-54 40-54 30-39 30-39 55+ 55+ 22% 28% 39% 24% 25% 41% 16% 8% 32% 12%

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